Consumer Behavior

Retail spend dipped in March

Adobe Stock

April 20, 2023

Retail sales dipped by 1% in March compared to February, according to Commerce Department data.

The spending pullback was likely due to recession worries and mostly seen at department stores and for durable goods such as furniture, according to a CNN report.

The news comes on the heels of a Mastercard SpendingPulse report that revealed in-store and online retail sales, excluding automotive, was up 4.7% year-over-year in March.